Description

Enchanting 1879 Flowing Hair Gold StellaJudd-1635, Gem Cameo Proof

1879 $4 Flowing Hair, Judd-1635, Pollock-1833, R.3, PR65 Cameo
NGC. The 1879 four dollar stella is the most popular gold
pattern of all time. It is properly considered a pattern, but
conventional gold collectors have adopted the issue as well. The
stella is pursued passionately by collectors from many different
disciplines and backgrounds. An example is considered a highlight
of any collection that features one.
The stella was originally intended to function as a medium of
international exchange, much as the euro does today. The Honorable
John A. Kasson conceived of the coin as a handy denomination,
nearly equivalent to the Austrian eight florin, French twenty
franc, Italian twenty lire, Spanish twenty peseta, and Dutch eight
florin coins. Having traveled extensively in Europe in political
assignments as an envoy and minister plenipotentiary, Kasson
understood the financial difficulties faced by international
travelers in his day. Banks charged a significant premium to
exchange one currency for another. Repeatedly changing money as one
journeyed from country to country would result in substantial loss
through the repeated fees. Money-changers would usually refuse to
exchange minor coins, causing further drain on the traveler's
funds. Kasson hoped to facilitate travel overseas and foreign trade
by developing a coin that could be used in many countries without
the expense and inconvenience of monetary exchange. Kasson had
impressive credentials as a former chairman of the Committee of
Coinage, Weights and Measures in Congress. Using his political
connections, the former chairman convinced the sitting Committee of
Coinage, Weights and Measures to consider his project. The result
was the stella.
Engravers Charles Barber and George Morgan both developed a pattern
four dollar gold coin in 1879. Barber produced the Flowing Hair
obverse design, which was similar to a half eagle pattern design
from 1878, Judd-1574. Morgan created an elegant design known as the
Coiled Hair stella, with Liberty's hair gathered up in braids atop
her head. The designs used a common reverse, with a five-pointed
star as the central element, from which the pattern takes its name.
It is believed that 15 Flowing Hair stellas were coined in 1879,
but demand from Congressmen and Mint officials caused the issue to
be restruck in 1880. The restrikes were from the original dies and
may have numbered as many as 600-700 examples. All examples seen in
modern times have parallel striations across the obverse design,
usually in the hair, and it is impossible to differentiate between
restrikes and originals. Morgan's Coiled Hair design was produced
in extremely small quantities and was not given out to Congressmen
for examination. The design was not restruck and remains very rare
today. Experts believe that 400-500 specimens of the Flowing Hair
stella have survived. Both Flowing Hair and Coiled Hair varieties
were later reproduced in small numbers, with new dies dated 1880,
to satisfy numismatic demand from favored collectors.
Kasson's idea was ahead of its time, but it was fatally flawed. The
different currencies that he sought to exchange with the stella
were not exact equivalents and varied against each other over time.
Congress realized that the stella was impractical, and no regular
mintage was ever authorized. Many stellas are worn, and popular
stories relate that members of Congress used the coins they
obtained as exotic gifts for their mistresses.
As a result of their colorful history, many stellas are seen in
impaired condition today. Gem Cameo examples are rare and
desirable. The present example is a fine representative of this
much-loved design. The deeply mirrored fields contrast boldly with
the frosty devices to produce a dramatic cameo effect. The strike
is strong, and all design elements are brought up in great detail.
The lovely green-gold color accents the virtually flawless
surfaces. A classic rarity that will appeal to the pattern
specialist and the mainstream collector. Census: 14 in 65 Cameo, 29
finer (5/09).(Registry
values: P1) (NGC ID# 28AZ, PCGS# 88057)